Bankers Taken In By Pyramid Scheme
BANKERS fell for a pyramid selling scheme. How sad is that?
Posted: 15th, December 2008 | In: Twitterings Comments (2) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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Regular Features
December 15th, 2008 at 10:31 pm
And Time Magazine has a good piece by someone who fell for the Ponzi fraud in question and lost everything; Madoff’s recruiter claimed that:
“the “New York people” had a system whereby they placed a series of instant trades — at once with futures, currencies and stocks — and out of this magic recipe fell a tiny 1% guaranteed, no-risk profit for the group. You do that 20 times a year, take away management fees, and voila, a steady 15% return.”
Only there was no system, and there were no trades, and there sure as hell wasn’t any profit. There were, on the other hand, a lot of people willing to believe that money could be conjured from nowhere…
http://www.time.com/time/business/article/0,8599,1866398,00.html?iid=tsmodule
December 15th, 2008 at 2:27 pm
Well, if they’d fallen for a pyramid selling scheme it would be very sad.
They didn’t, though.
What they fell for was a Ponzi fraud, a wholly different kettle of sardines…